Cases On Private Corporations
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Y. 294) is an illustration of the rule under section 47 (supra), and Lake Ontario Shore R, R. Co. v. Curtiss (80 id. 219) is an illustration of the rule under section 49 (supra).
In the Curtiss case the agreement was to subscribe for stock in the future, and in the opinion the court say: "It is, therefore, not a subscription to the capital stock of the plaintiff, taking effect pres- ently, but a promise, each subscriber with the other, to do so at some future time. * * * jf g^^y action could be... maintained upon it by REQUISITES OF VALIDITY DEFENSES. 373 any person, it must be some one of the subscribers or his assignee.
The legal effect of the contract is restricted to them. * * * When two persons for a consideration sufficient as between them- selves covenant to do some act which if done would incidentally re- sult in the benefit of a mere stranger, that stranger has not a right to enforce the covenant, although one of the contracting parties might enforce it as against the other. As to the plaintiff the contract is purely voluntary, and without consideration." In the Gifford case the agreement was a present subscription for the stock, and it was held valid and enforcible by the corporation.
What to read after Cases On Private Corporations?
You can find similar books in the "Read Also" column, or choose other free books by I Maurice Isaac Maurice Wormser to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Y. 294) is an illustration of the rule under section 47 (supra), and Lake Ontario Shore R, R. Co. v. Curtiss (80 id. 219) is an illustration of the rule under section 49 (supra).
In the Curtiss case the agreement was to subscribe for stock in the future, and in the opinion the court say: "It is, therefore, not a subscription to the capital stock of the plaintiff, taking effect pres- ently, but a promise, each subscriber with the other, to do so at some future time. * * * jf g^^y action could be... maintained upon it by REQUISITES OF VALIDITY DEFENSES. 373 any person, it must be some one of the subscribers or his assignee.
The legal effect of the contract is restricted to them. * * * When two persons for a consideration sufficient as between them- selves covenant to do some act which if done would incidentally re- sult in the benefit of a mere stranger, that stranger has not a right to enforce the covenant, although one of the contracting parties might enforce it as against the other. As to the plaintiff the contract is purely voluntary, and without consideration." In the Gifford case the agreement was a present subscription for the stock, and it was held valid and enforcible by the corporation.
What to read after Cases On Private Corporations?
You can find similar books in the "Read Also" column, or choose other free books by I Maurice Isaac Maurice Wormser to read onlineMoreLess
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